January 15, 2016

Wall Street Journal quotes Ed Wilson on high-end real estate reporting requirement

1 min

Venable partner Ed Wilson was quoted in a January 15, 2016 Wall Street Journal article on a new federal requirement that title insurance companies must reveal the identities of secret buyers of luxury real estate. Under the rule, all members of an LLC must be identified. However, the rule is more lax for entities such as limited liability partnerships or trusts only require the identity of individuals owning more than 25 percent of the company.

"This is a way for FinCEN to test whether it ought to be in this business. When it gets into an area, they get in in a limited way, and then they move fully," said Wilson referring to the limited scope of the new reporting requirement which takes effect March 1 and will only last six months. It is also limited geographically to Manhattan and Miami.